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have had an experience of this in new england. new hampshire has no income tax, no sales tax. every state around hampshire had one or the other. in the 1960's, and every state added another one, either the sales tax or the income tax. within hesitation of their people that the other tax would come out and the revenue would be used because it will be more effective in collecting it. every one of those states, the revenues have gone down, the income tax has gone up, and the size of government has gone up. from my standpoint, a value- added tax is just a way to grossly expand the size of the government, and it does not fix our revenue problems. more importantly than that, just the point where i think this argument ends up, the american people would annihilate any party that passed a national sales tax rate. if the democratic party thinks they are in charge now, and they are, and the republican party has done some things to marginalize itself, but if you want to resurrect a republican party, give me a value-added tax. >> let's take the value-added tax off the table for this the session,
is in, best both ses sort things by caving in. on everything from higher taxes r t rich, that is fine. higher investment related taxes onveryone, have at it. more stimulus, why not why this folding like a cheap suit now? maybe because the financial suits figure to go along so just getlong. i think at electns have consequences, i did not think th wall street so quickly selling its financial soul was one of it in other words, if you hateomeone, stick with it! that's all i'maying, charlie gasparino, liberal columnnist, -- he goes by progressive. rick you thinker. unger is here with us, and charley you first, you called it you saw it but a leap of skill on your part to conclude these3 guys are dise dis disingenuous . >> you are talking about all my sources,. neil: but you were spot on. >> deputy to llary clinton, former morgan stanley executives trying to be obama's chief of staff. and tom knight has been making the rounds on wall street having dinners with various wall street streetictives. -- executives. and he setting the stage for an interesting wall street embrace of the president. y
calls, e-mail, and tweets. after that, a look at the estate tax which is set to go up at the end of the year unless congress and the white house act. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] senior republican aides are contemplating a fallback plan for the so called "fiscal cliff", which includes extending tax cuts for the middle class and resuming a fight over spending and taxes for the wealthy later. meanwhile, going overseas, nato makes a move on the turkish border with syria. military officials deny preparations for military intervention. protesters in egypt march on the palace as mohamed morsi flees. international and domestic news is all on the table for you this morning as we open up the phone lines. also, send us a tweet. or post your comment on facebook. or send us an e-mail. we will get back to that new york times story. first, some other headlines on the domestic front. here is the "washington times." also, sticking with the senate, the baltimore sun reporting this headline -- in politics, here is
, for an obama bailout. so, who is next? california, illinois, good question. raise tax rates on the rich or no deal. yeah, the line has been drawn again. president obama says america is poised to take off, but only if the republicans agree to tax the rich directly. he will only accept higher tax rates. how will speaker boehner respond to that? he speaks within the hour. and how about this, top anchors at a news network visit the white house for a cozy chat with the president. tell us, mr. president, how can we sell your tax the rich policy? citigroup, 11,000 jobs gone. "varney & company" about to begin. having you shipy gifts couldn't be easier. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ me announcer ] break from e holiday stress fedex office. >> we'll begin with sad news. dame elizabeth mother of news corporation chairman and chief executive rupert murdoch died at age 103. news point company fox. now sad news. and he's raised tax rates and he was elected based on his tax the rich pol
between us is we won the large multinational companies to pay proper taxes here in the u.k.. we believe you do that by having lower tax rate and we reduce the rate of corporation tax but by making sure they declare their income properly. that is why on this specific issue of transfer, companies have been pursuing strange practices to pretend there revenues aren't delivered in the u.k. and run down their tax bills. .. >> the entry of the energy bill to parliament now means we can get out there and sell to all of the energy companies the very clear and stable framework that the u.k. has for offshore wind, for nuclear, for renewables and, indeed, for gas. i think it's a very positive development, there's a huge amount of potential, pent-up investment, and we need to make sure that results in british jobs and apprenticeships, and the government is fully committed to making that happen. >> [inaudible] pruitt. >> the prime minister obviously believes within the leveson report, there exists something that is bonkers. how would the prime minister give the views of his planning minister
with both tax and in seven of reform while. he says the days available before the close should be devoted to raising taxes on the ridge. >> we're not going to be able to come up with a comprehensive tax reform package that gets it all done just an next two weeks. ww are not going to be able to come up with necessarily a comprehensive and thailand reform package that could sell the next two weeks. when you looked at what arnold reagan did back in 1986, working with bill bradley and others, that was a year-and-a-half process. among let's put a downpaymmnt on taxes, let's let tax breaks and the upper-income folks go up. lou: president obama is looking to hide even more taxes. to find more taxable victims beyond the so-called rich. but there are yet more conditions as white house press secretary jay carney today reminded us. the president demands any deal is dependent upon a hike in the nation's debt ceiling. carney says the debt ceiling is another issue the president simply cannot bring himself to negotiate with those lowly republicans on the hill. and today began a new campaign of blame for
. people know that, you know, 98% of americans could have their tax rates stable and not have their taxes go up. and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start talking about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. we have a $16.3 trillion debt. all of this talk about raising taxes doesn't get us even close to solving the problem. it doesn't even start the conversation. it is not a drop in the bucket. we've got to reform our spending or grow the economy. but just raising taxes isn't going to do it. >> well, i agree with you 100%. that's why the president as well as the democrats have called for a balanced approach. so of course we can't raise enough taxes to completely deal with the deficit. and you do
corporate and individual taxes. the third piece is small businesses. we work out how develop a tax code that is good for competitiveness. you need to think about how those play into it. i think one of the things to keep hearing through messages with different groups of people is, while everybody is aware that the solution is going to take sacrifices from all sides, on spending, on revenues -- the confidence you get for putting the deal in place to actually has tremendous economic benefits. the cheapest form of stimulus is confidence. if we can put that in place, and people believe something is going to stick, it becomes easier to do your part in all of this. if the moving pieces and revenue are there, do not underestimate the benefit of what the future holds. >> this ties into michael's point. the productivity, the amount of money they get spent maintaining and administering the complex tax code is unbelievable. i would rather be spending that money. let us get on with building a business. society should do it. people should take that as a given. i know the rest of us have it. we would
capital gains rate in the a.m.t. is higher than the regular tax rates from incomes around $200,000 to $500,000. and that was the first broad expansion of the a.m.t., it began to hit an awful lot of people. then in 2001 they reduced regular tax rates but did not reduce a.m.t. tax rates. . for many people, the a.m.t. tax bill only changed the name of the tax i paid. i got little benefit from the rate ofin my opinion, the expand on tax has nothing to do with the action of indexing. it is the result of the conscious decision to hike the cost of tax reductions. >> the alternative minimum tax is 28%. if your tax rate was lowered to 25%. you still have to pay 28%. >> that is correct. for incomes between to london thousand dollars and $500,000, the effective tax rate is 35%. you hit the 35% rate and incomes fire lower than the income levels at which you would hit the 35% rate and regular tax. >> why do they call it a patch? >> it is a one time year by year patch to stop the broad expansion. you could ask why they call it a cliff. they have discussed this in terms of the patch. it is a
duty increase, freezing tax are raising the personal allowance next year he thinks will be most benefit for the family? >> what i would say to my honorable friend is with have to take some difficult decisions. we've had to take difficult decisions on welfare of bring along tax breschel, operating but i try to help families were can with the personal allowance, with fuel duty. i've tried to help business. it will be extremely welcome. >> how can the chancellor seriously attend he -- [inaudible] when the 7 billion pounds he referred to today we take up to seven years to realize at the rate of 1000 a year against the rate of tax avoidance of 35 billion year? when the general anti-avoidance will be also refer to is far too narrowly drawn to be effective, and if you would listen to this, when he himself is actually now introducing a tax cut, tax havens from 23% to just 5%. >> what i would say is i don't think he's got the right figures. we are increasing the amount recovered of taxes that should have been paid from 13 billion under the labour government to 20 billion. it's an 11 billion poun
squarely at john boehner. $800 billion tax hike will destroy jobs, allow washington to spend more. as you all know, john boehner put an $800 billion tax hike as a center of his proposal. so john boehner got rejected from the white house, which wants another $800 billion on top of that in tax hikes and then rejected by the right wing of his own party which wants absolutely no tax hikes at all. so unlike harry reid, i actually feel genuine sympathy for john boehner. so kudos, speaker, for showing deserters or desenters who is boss. boehner stripped house members who opposed key committee assignments today. and earlier i spoke with one republican leader in the house who himself has been out of step with boehner in recent days. deputy whip congressman tom cole of oklahoma. he said the gop should agree to obama's proposal to extend bush tax rates for households that make less than $250,000. and they should do that deal right now, deal with the rest later. boehner said no way. and then tom cole said boehner should not offer a counterproposal to the fiscal cliff deal the president presented. boe
security is, any of the retirement or tax issues, but i'll tell you this. i think that all these stories aren't necessarily going lead us to the truth. i personally have a very size way i'm approaching this. the president is supposed to leave for a 21-day vacation in hawaii on december 17th. where he is on december 18th will tell me, and i think the markets will pay attention. i find it hard to believe, and i agree with bill and many, who are very not amused by the house taking their long weekend. i'm sure that the president would have no intentions of leaving until these issues are resolved. i think the market is being kind, but i think it's a timing issue. >> yeah, i think that's a good point. somebody mentioned the other day that the president is planning a trip to hawaii on december 17th. i said, what? they said, no, no, no, not unless the deal is done. we'll see about that. meanwhile, the house goes away for a lock weekend. all right, rob. what do you think? you think we're going to get a deal done by the year end? >> i think there will probably be a deal done. i think you have to l
of the republican party today. with senator demint speaking on the idea that $800 billion of tax increases were offered. but he got the backing of mitch mcconnel. take a listen to what he had to say. >> i think it sis important tha the house leadership is trying to mov move it forward. i had hoped that we would be accomplishing more in the real talks. but i can tell you, there is nothing going on privately that is not going on publicly. even as he has to deal with this rebellion. he has to deal with democrats and harry reid's comments today give you a sense of where they are coming from. >> they have to come up with specific revenue. and they refuse to do that. it is a simple question of arithmetic. you can't get from here to there unless you raise the rates. so as you know in washington, a rebellion in the ranks like this could be a problem. but in the spohort-term, if it remains constrained. it could be a good negotiating term. he could say i have offered everything that i have and still get this thing passed. you know, i never hear the discussion about spending. i'm not saying you. it is abo
decide what you're going to do now i once those taxes go up. and then when january 2nd come up, you get a committee together, and you solve the problem. i mean, how is that going to affect everyone when it comes to taxes? is it going to be the same, or will it be different? i mean, do we have to do it early? can we do it in january? >> guest: well, i would argue that there are two pieces to the fiscal cliff in that you have to do amt this year, and you -- because unless you really intend people to pay that additional tax. it would be very hard in the middle of the tax filing system to reverse that decision. now, you are, i think, correct in the second piece of the fiscal cliff. that is the tax rates that will apply next year. arguably, you don't have to take action this year, you have the whole of next year during which you can reach resolution to that issue. now, the only reason why i think that's an extraordinarily bad idea is i think it would be viewed quite unfavorably by the financial markets. and so you could see a reaction. and it is really bad tax policy to be legislating in
they will be taxed at a much lower rate. take a look at the dow jones industrials. we are seeing triple digit gains for pretty much all of the session for the blue chips. money flowing into financials. citigroup is jumping. of nearly 6%. the story there, job cuts. 11,000 of them. leading to a billion dollars in savings. additional layoffs somewhere else down the line. investors are getting this move a thumbs up. we know it is tough for employees. the stock is up more than 7% today. bank of america, as you see, moving higher. the biggest gainer on the dow. jpmorgan solidly in the green. a totally different story at the nasdaq. down on the session. apple getting a 5% haircut at the moment. just under 5%. perhaps tied to the apple, samsung dispute. there is a big court hearing tomorrow. samsung is expected to ask the judge for a brand-new trial. apple down 22% from its september highs. right around the time where the iphone5 with release. the markets showing more conviction today. let's get right to the floor show. i rub, in chicago, i want to start with you. very shallow moves up and down. >> we are
. >> this is helping tax my own party headquarters and my own party members. i thank the executive to get to that. a recent attack on party colleagues and offices and constituency offices and staff threatened intimidation from loyalists, and if confirmed, all threats of political motivated violence will be triggered by republican attacks. >> discussing this for mr. david this morning, if it is unacceptable, all that staff were intimidated in any way comment and i know that the justice minister and i will continue to defend the ability of politicians in northern ireland to carry out their duties. >> questions for the prime minister? dr. julian lewis, number one, mr. speaker. >> before i answer my hon. friend's question i am sure the house will wish to join me in thanking the duke and duchess of cambridge on the wonderful news they are expecting their first child, the perfect piece of news to end and in court a -- extraordinary jubilee year. joining the question on afghanistan veteran global security from the al qaeda presence in afghanistan has been significantly reduced in large part the result o
than me. >> obsession to raise taxes is not going to solve the problem. >> the right seems to be imploding. >> i'm proud of the campaign mitt romney and i ran. >> he looked less like monty hall and more like monty burns because he wants to inflict pain on the republican. >> the implosion is going to happen very, very slowly, day, by day, by day. >> i'm proud of our party. and i'm proud of mitt romney. >> it seems right here. >> we've seen some movement over the last several days amongst some republicans. >> we can probably solve this in about a week. it's not that tough. >> the next 72 hours are critical. >> today's wednesday and the house is going to leave today. ♪ surrender surrender but don't give yourself away away ♪ >> in case you needed reminding, it's 21 days to christmas, but just 27 days to the fiscal cliff. the president is john boehner are facing off for what couldçe a down to the wire nail-biter of a fiscal fight. indeed, the stakes are so high, the pressure so intense, that the house is calling it quits for the week. giving themselves another much deserve
of revenue from taxes on the rich, right? >> yes. >> the republicans said okay, we'll give you that certain amount of ref knew, and do it on the rich, but the way we'll do it on the rich is deductions and closing loopholes that impact only the rich. >> right. >> to the president gets the same amount of money, he gets it from the same people, but rather than raising taxes, the republicans say we're going to do it this way, and he says no. why does he say no to that? it's the same money from the same people giving it up. >> yeah. i think he's saying no because he likes the deal that he has in place. >> it's the same amount of money. >> no, no. >> the same people. i mean, it's the same revenue and it's from the same people. >> the reason i think he's saying no, and i think he will say no to just about anything the republicans put forward is because the fall back position is better for him than any deal that the republicans are going to put forward. the fallback position is a tax increase on everybody and back to where prebush tax cuts, and he can then have his big increases in taxes and then a
tax cut to avoid the cliff for now. then come back with more leverage. to tie it to a hike in the debt ceiling. >> we are 23409 going play that game next year. if congress in any way suggests that they are going to tie negotiations to debt ceiling votes, take us to brink of default again, i will not play that game. >> republicans held their own meeting with small business owners denying they're trying to punt. >> i'll be here and available at any moment to sit down with the president to get serious abouting the problem. >> they noted the president has not scheduled any meetings with the g.o.p. leaders in weeks. not offered any counterproposal to boehner's plan from last week. >> a balanced approach the president has been asking for. now we need response from the white house. >> reporter: they continue to insist the impediment to the deal is boehner's tax revenue is not enough. the holdup is boehner took a position the day after the campaign that said we are willing to bring in revenue but not increase rates. >> reporter: two summers ago the president himself claimed he could raise more
amending the san francisco business and tax regulations code by amending article 6 (common administrative provisions) to revise the bonding requirements for parking operators; revise the time to bring an action to collect tax; clarify the extent of a surety's liability; revise the administrative citation appeal process; and make other minor technical changes; amending article 22 (parking stations; revenue control equipment) to clarify that non-city governmental entities operating parking stations are exempt from the revenue control equipment requirements; and amending the san francisco police code article 17 (miscellaneous license regulations) to clarify that government entities operating parking garages or parking lots are exempt from the permitting requirements applicable to other commercial parking garage and valet operations. >> thank you very much. i believe we have a representative from supervisor campos' office here. >> good morning, supervisors. [speaker not understood] on behalf of supervisor david campos. the legislation before you amends the city's parking enforcement laws unde
, the speaker is claiming he's met obama's demand for higher taxes for the rich. that's good. he agreed in principle the rich must pay more. number three, there's talk for the republican leaders that they could vote to continue the tax cuts for the 98% now and therefore avoid the fiscal cliff and put off for now the top 2%. and the question then, let the debt ceiling not take effect. a tax cut delayed i argue is a tax cut avoided. joining me with the republican defense highly tauted fan of the eagles, ed rendell and alex wagner of msnbc's "now." governor, i want you to read what's going on here. first speaker boehner defended the gop's tax proposal saying it does take a bite out of the rich but president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the sameç people pay moref their money to the federal government without raising tax rates, which we believe will harm our economy. >> let's allow higher
. >>> good to have you with us. thanks for watching. democrats are determined to extend the middle class tax cuts before the end of the year. that's the bottom line. party leaders and members are all on the same page. president obama rejected the latest proposal from john boehner. the president and the democrats are focused on revenue and they are determined to make sure that the top tax rates go up. >> unfortunately, the speaker's proposal right now is still out of balance. he talks, for example, about $800 billion worth of revenues, but he says he's going to do that by lowering rates. when you look at the math, it doesn't work. >> harry reid wasted no time explaining why the boehner proposal is not serious. >> math. you can't get from here to there unless you raise the rates. that's why romney couldn't explain it during the presidential election. no one can explain it because you can't do it. >> jay carney says the speaker's plans raises more questions than answers. >> we don't know who pays. we don't know what we're talking about in terms of actual legislation to increase revenues. it's m
week. avoiding the fiscal cliff is coming down to taxes. president obama told bloomberg tv yesterday he is willing to be flexible, but there will be no deal unless republicans agree to raise income tax rates on the top 2% of wage earners in america. this week the gop offered a proposal that continues tax breaks for everyone while making cuts to medicare and social security. the president and democrats say the lack of a tax hike on the wealthy is leaving budget talks at an impasse. "60% of americans support asking millionaires to pay slightly more. many republicans feel the same way. the only ones who feel differently are the ones who work in this building. we can't let these negotiations be dictated by the tea party." "we've wasted an enormous amount of time here sparring back and forth in public, and it strikes me it's a good time to get serious about the proposals. traders are keying off market moves for clues about the economy. scott bauer of trading advantage joins us now. scott, what is the gold market telling traders about the prosepects of the economy going over the fiscal cliff
with the fiscal cliff and there's hot rhetoric to go around. >> our members believe strongly that raising tax rates will hurt the economy. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue. >> in order for us to raise the amount of revenue that's needed just by closing deductions and loopholes for high earners we'd have to, for example, eliminate or severely cap the char itible deduction. >> an obsession to raise taxes not going to solve the problem. what will solve the problem is doing something about the entitlements, taking on the wasteful spending in washington. >> and meantime, "the new york times" jonathan wiseman reports behind the scene republican leaders are considering the president's plan to extend middle class tax cuts now an address the debt and spending in the new year. here's republican senator tom coburn on "morning joe." >> actually, i would rather see the rates go up than the other way and greater chance to broaden the base in the future. >> do something, a down payment on cuts, on investments and revenue this year. and then in the
to go until all of us are hit with tax increases, takes it across the board a cut of $55 billion. people have it in their power to avoid the so-called fiscal cliff aren't negotiating, they're not debating right now, so many of them simply leaving town. but there's more going on than meets the eye. let's bring in our senior congressional correspondent dana basch, she has the latest. >> reporter: there's so much political theater around here right now, you could say tickets. one of today's acts was the house leaving. lawmakers streaming out of the capitol hill, racing to their cars to get to the airport and go home. it's a scene you usually see on a thursday afternoon or friday morning, not wednesday at noon. >> good morning. >> house republican leaders told members they're free to leave, because they have nothing to vote on. >> i understand that you are saying legislation has been put on the floor. when it comes to just pure optics of the house leaving with the fiscal cliff right in front of us -- >> i'll be here and i'll be available at any moment to sit down with the president to get se
dollar deficits throughout that time. tax policy hasn't changed during that time. tax policy is exactly the same. you hear in the newspaper all the time, mr. speaker, the bush tax cuts. i don't know that that has meaning anymore. in 2001 and 2003 we did do some dramatic changes to tax policy. president obama extended all of those changes in 2010. that's the law of the land still today. tax policy has been exactly the same over this continuum. what has changed, mr. speaker, what has changed is the spending. the reason deficits have grown not one, not two, not three but almost four times larger than the previous record deficit in american history is not because tax policy has changed, it hasn't. it's because federal spending policy has changed. and that's what we have to get our arms around here in this body. what i show going forward, mr. speaker, put a little square around the annual budget deficits that have been run during the first four years of the obama administration, but i also project what the congressional budget office believes, that's a nonpartisan budget planning group we ha
to be for the rising movie industry. cet will head out to washington as president obama is pushing forward his tax for the wealthy agenda. george osbourne is going to update today. the chancellor will have his work cut out to meet his target of eradicating the federal deficit by 2015 as well as securing a fall to gdp ratio. also expected further pressure with a cut to its growth forecast. steve is braving rather inclement british winter weather outside the houses of parliament. >> lovely. >> i know you like it. how much is it going to be raining on george osbourne's parade? >> it's going to rain on his parade. you just nailed it, ross. three things which are going to come up today, which he has very little control over. one is that obr reckoning on the uk economy. thought only back in march it was going to grow -- pain a negative growth for the year. next year they thought it was going to be 2% growth. it's probably only going to be 1%. in terms of those two targets you mentioned, eradicating the structural deficit in a five-year period, that's going to have another couple of years. >> right. now,
obama repeated his pledge he's open to new ideas, but is holding firm on his call for higher taxes on top income earners, something missing from the g.o.p. plan. with just three weeks left, the two sides are still at odds with their opening offers. th time ticking away to reach a deal before tax cuts expire and spending cuts hit, president obama today said he's still optimistic a deal will be done and he's willing to compromise, but negotiations just aren't there yet. >> it's going to require what i talked about in the campaign, which is a balanced, responsible approach to deficit reduction that can help give businesses certainty and make sure the country grows. >> tom: the president rejected the proposal republicans presented him yesterday. it would cut the debt by $2.2 trillion over ten years, but would not raise taxes on america's highest earners, the biggest sticking point. the two sides seem to be allowing themselves room to bargain. the president said today he'd be open to lowering tax rates for high earners later next year as part of a broad tax reform package. and senate re
it the other way because it gives us greater chance to reform the tax code and broaden the base in the future. >> chris we've heard him say some version of that before. is he the only republican who seems to be able to come out and say something like this? >> no, we saw tom cole last week suggest that maybe republicans should go along with the president and give a tax cut to 98% of americans, raise the -- >> so two republicans. >> two republicans and others privately say that there may be some room there, the trouble that speaker boehner has as you pointed out earlier in the segment is the tea party and republicans are trapped also on their messaging on this. the white house has been good about messaging that the republicans are the obstructionists in this and they are waiting until, waiting essentially republicans out on this. i did a story in "national journal" yesterday where top house republicans brought in some of the best gop communicators in washington and said we have a messaging problem here. we want to get a deal, the white house isn't talking to us. how do we want to put that out i
will not hold more meetings or face to face until the republicans agree to increase the tax rates. so what was on the paper yesterday was the idea to still increase revenue without increasing the actual tax rate by getting rid of the deductions and loop holes. that is not acceptable . it au pairs a hard line stance now and the meetings are off. >> brian: they talked about a two-step process. maybe we can leave the tax rates except the horrible people that make a lot of money. leave those tax rates in place and do the hard stuff in the second half . year and of course, we have the, the debt ceiling that has to be raised in a month. if the president gets his way and forces the hand of republicans to accept something they will not forget that and he will have another battle with the republicans when the ceiling has to be raised. the president is indicating to some that there is wiggle room from 35 to 39 percent and willing to accept 39 percent. >> steve: and in the jack kemp awards dinner. we saw two faces that could vy for the republican nomination in 2016. paul ryan and marco rubio. they we
way. it's the set of automatic spending cuts and tax hikes that can only be averted if our nation's leaders are able to display bear bones competence and middle school-level maturity. so is there a deal? >> there's, of course, no deal. >> of course! is there a prospect for a deal? >> there's not a prospect for a deal. >> of course! but the ongoing talks. >> there aren't even very many talks going on. >> you're killing us! give us something. >> but for the first time, there are numbers on pieces of paper from both sides. >> numbers on paper! >>> good morning. it's wednesday, december 5th. welcome to "morning joe." live in the nation's capital. this is exciting. and you know, i said, let's do a show from washington, d.c., because they get so much stuff done there. it's like silicon valley. and going there when steve jobs was really bringing apple to the forefront -- >> a happening place. >> it is. it's where things happen. that's why we're here, steve rattner. >> washington is the place. with us on set, economic analyst steve rattner. also political editor and white house correspond
business leaders he is cheering for their success. tax hikes for the wealthy saying there will be no deal without tax rate increases. melissa: 11,000 now out of work at citi. slashing jobs taking a billion dollars charge as it repositioned oppositions. charlie gasparino tells us it is even more cuts are on the way. lori: new warnings and ethanol blended gasoline. joining us on whether you should be worried about what you put into your gas tank. let's get up to speed, back the floor of the new york stock exchange and nicole petallides. economic data on the service industry. nicole: looking good, lori and melissa. up 125 points. after two days of selling we are seeing some market action to the upside. we are above the 13,000 mark, well above that. 13,076. the nasdaq squeezing it out. concern for apple, but financials are doing well. let's take a look at the group. laying off 11,000 workers, that is the plan. a new ceo in place and he wants to make his mark. up 6.5%. it is under pressure, nowhere near $700 for the all-time high in september. the latest findings other actually going to use th
lied on this is the campaign to raise taxes on wealthier americans. he says it is all part of the budget that he has put out over the last few years. that budget calling for tax increases over the next decade on families earning more than $250,000 a year. he campaigned on march revenue less than that. tax deductions they can't, they just say they would not raise tax rates. that really has been the key to all of this. connell: we are kind of caught in the middle. you saw the president speaking on the screen while rich was speaking. the audio still is not quite right of it. thank you. there we go. citigroup. another big story today. the stock has been up. 11,000 people, though, losing their jobs. that is what happens a lot of times when you cut jobs. dagen: listen up, verizon wants to collect information from infrared cameras and microphones in your living room. you want to see somebody who is hot, the judge. you will hear how he feels about that very thing. connell: it was a seven figure year. we will tell you exactly how much he brought in. first, the oil market today. 87.6
that the sky is blue on the one issue when keeping tax cuts where they are for the middle class. >> right. >> why can't we get that one step accomplished and maybe move on to step two which is a bigger and bolder plan? >> that's what congressional democrats and president obama would like to see happen, and we have a discharge petition, which would bring the bill that has been sent from the senate and pass the senate overwhelmingly sent to the house, take that bill up and give, extend the tax breaks to the middle class and give certainty to the middle class as we move to, continue to move into the holiday season. all of the tax rates expire december 31st and we can deal with the tax breaks for the wealthiest most fortunate americans and others to avoid the fiscal cliff between now and december 31st but take what we agree on which is that the middle class tax cuts should be extended and tax rates should not go up for the middle class, let's do that now. the republicans refuse to do that thus far, which is sort of baffling. even some of their senior members like tom cole from oklahoma have s
dug in his heels today insisting on tax revenues for higher income earners but at a hint of compromise he said he would consider lowering tax breaks again next year. mr. obama wants to raise taxes on individuals who make more than $200,000 a year and on couples making more than $250. he said this today. the way to recovery. bill whitaker reports from california. schools close as the flu bug spreads. elaine quijano reports on where the virus is woshs and how efgtd the vaccine can be. and what city in america. >> raise revenues that are sufficient to balance with >> the issues is that we are going to have to raise revenues that are sufficient to balance with very you have to cuts that we've already made and we're going to have to see the rates on the top 2% go up and we're not going to be able to get a deal without it. >> pelley: that, the republican house speaker said in response, will never work. the republican counter offer cuts spending and raises taxes for no one and nancy cordes has the state of play as of tonight. nancy? >> reporter: scott, a dispute erupted today over whether neg
the right solution for solving our issues of middlele class tax cuts and the fiscal deadline and make sure we move in a very positive direction. with that i yield back my time. the speaker pro tempore: the gentlelady yields back. the gentleman from texas. the gentleman reserves. the gentleman from michigan. mr. conyers: mr. speaker, we have no further speakers. i am prepared to return the balance of our time. the speaker pro tempore: the gentleman. mr. smith: we have no further speakers on this side. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the question is, will the house suspend the rules and pass bill h.r. 6620. so many as are in favor say aye. those opposed, no. in the opinion of the chair, 2/3 of those voting having responded in the affirmative, the rules are suspended, the bill is passed, and without objection the motion to reconsider is laid upon the table. for what purpose does the gentleman from texas seek recognition? mr. smith: mr. speaker, morph that the house suspend the rules and pass h.r. 6602, to make revisions in title 36, uni
said today that he would rather see tax rates go up than close loopholes because then he thinks he can get tax reform passed in the future. a little bit of wishful thinking. >> i know we have to raise revenue. i don't really care which way we do it. actually, i would rather see the rates go up than do it the other way because it gives us greater chance to reform the tax code and broaden the base in the future. >> jennifer: so he's not giving in. he's just bargaining now to see what he can get later. and then we've got the fourth stage which is depression. which is often accompanied according to elizabeth kubler ross by wistful thoughts of better times. newt gingrich is planted firmly in this stage. he said he longs for the 1990s when republicans led by him of course, were, in his estimate aches, republicans were more able, more powerful, able to get president clinton to bend to their will or at least so he said on piers morgan last night when he said "we earned president clinton's respect by closing the government
be no deal to avert an economic plunge unless republicans agree to increase taxes on the wealthiest americans. good evening. i'm gwen ifill. >> woodruff: and i'm judy woodruff. on the newshour tonight, kwame holman has the latest on washington's impasse on taxes and spending. >> ifill: then we examine nato's decision to send patriot anti- missile systems to turkey, as fears grow that syrian chemical weapons could cross the border. >> woodruff: jeffrey brown talks to mcclatchy newspapers' egypt correspondent nancy youssef about the massive antigovernment protests in cairo today. >> ifill: we continue our series of conversations about the fiscal cliff. tonight we hear from economist paul krugman. >> i don't think there's going to be much of a deal. i think there's going to be a kind of... there will be an outcome. >> woodruff: from haiti, fred de sam lazaro reports on the efforts to stem a deadly cholera epidemic that began after the 2010 earthquake. >> ifill: and ray suarez talks to author and journalist tom ricks about what he describes as the decline of american military leadership. >> today
. >> the white house proposal raises taxes 1.6 trillion over a decade. republicans close loopholes and get rid of deductions. they say the mast won't work. >>> it is still out of balance. it is 800 million worth of revenues. he said he is going to do that by lowering rates. when you look at the map it doesn't work. >> the house majority with kevin mccarthy said yesterday the speaker moved to the middle by putting revenue on the table. jay carney also said the boehner plan is quote pagic beans and fair redust. >>> peter doocy, live in washington. thank you. >>> chaos in cairo. egyptian president mohammed morsi returning to the presidential palace overnight. he left amid clashes between police and 100,000 protestors. look at that. they are outraged over her recent power grab. it shows there should be great concern about morsi. >> people have said the muslim brotherhood is moderate, it is responsible, it will not be a problem if it takes power has been proven wrong i think beyond a shadow of a doubt. this man is in power through whatever means he can get it. >> steve harrigan has more from cairo
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